The Southern African Development Community (SADC) Secretariat, through the European Union-funded Support to Improving the Investment and Business Environment in the SADC Region (SIBE) Programme, has supported Member States, namely: Angola, Botswana, Eswatini, Lesotho, Madagascar and Malawi in developing their National Financial Inclusion Strategy as a way of domesticating the SADC Strategy on Financial Inclusion and Small Medium Enterprises access to finance.
Following the successful development of its second National Financial Inclusion Strategy (2023-2028), the Kingdom of Eswatini launched this Strategy on 23rd May 2024 during the Alliance for Financial Inclusion (AFI) Gala dinner, which was held in Ezulwini, Eswatini. The launch was preceded by the AFI Digital Financial Services Working Group, Financial Inclusion Peer Learning Working Group and Global Standards Proportionality Working Group meetings which were hosted by Eswatini. The Strategy Launch was attended by central banks and other financial regulatory institutions from over 45 emerging and developing countries that are part of the Alliance for Financial Inclusion (AFI), including SADC Member States.
The Strategy was officially launched by Hon. Neal Rijkenberg of Minister of Finance the Kingdom of Eswatini, who highlighted that the Government of Eswatini continues to place Financial Inclusion as an important priority for broad economic inclusive growth. This is to ensure that all economically active Emaswati are provided equal opportunities to create welfare, reduce poverty, improve livelihood by build resilience against unexpected shocks. He also emphasised that Financial Inclusion is not only opening bank accounts or accessing credits, but also about empowering people, in particular women, youth, people with disabilities and forcibly displaced people to take control of their financial future, enabling them to save, invest and protect themselves against unexpected shocks and hurdles. Hon. Rijkenberg further indicated that Financial Inclusion is about fostering economic growth, reducing inequality, and creating more inclusive and sustainable society.
Delivering his remarks at the event, Mr David Mfanimpela Myeni, Chairperson of the Centre for Financial Inclusion in the Kingdom of Eswatini stated the country has been able to chart systematic approach to facilitate access to financial services for the citizens. The process has also fostered increased collaboration between the financial policy makers, the financial institutions, and the mobile technologies. Mr Myeni further pointed out some of the achievements of the Kingdom of Eswatini towards financial inclusion:
Improved formal financial inclusion from 53% in 2011 to 87% in 2023.
Promotion of financial products to suit the vulnerable groups, such as the “basic bank accounts “with very nominal transaction costs.
Relaxed KYC requirements for the financial inclusion groups.
Expansion of the mobile money transactions
The Strategy envision to create an innovative and inclusive financial system that supports sustainable economic productivity, growth, resilience and wealth creation for all while the supporting goal is to increase individuals’ and SMEs’ uptake and usage of financial products and services that meet the specific needs of each segment or sector in order to contribute directly to economic growth, resilience and well-being.
